CUNA’s final rule analysis of the Consumer Financial Protection Bureau’s (CFPB) changes to the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule is now available. The bureau published the final rule in the Federal Register last week, making it effective Oct. 10, with a mandatory compliance date of Oct. 1, 2018.
TRID took effect Oct. 3, 2015, combining separate mortgage disclosures required under the Truth in Lending Act and Real Estate Settlement Procedures Act.
CUNA supports a number of the revisions, finalized on July 7, including:
The rule applies to all credit unions that originate covered transactions under TRID.
For purposes of TRID, a covered transaction is defined as any closed-end consumer credit transaction secured by real property, except: